. Excluding the consolidation of our Outdoor and Digital Services business, our revenue improved organically by 19.8% against a backdrop of double digit decline in overall advertising spending. Despite the

, cost and expenses after the consolidation of Multi Sign Company Limited (“Multi Sign”) made in October 2016, which consequently led to an increase in the mentioned items compared to the same period last

2017 PERFORMANCE ANALYSIS (YoY) In 3Q 2017, the Company once again achieved an outstanding top and bottom line performance compared to the same quarter last year supported by; 1) The consolidation of

abovementioned consolidation. Cost from Trans.Ad Group are naturally higher from computers, software and installation expenses than MACO’s core business in media. Selling, general and administrative expenses (“SG

, PBSB is now a subsidiary of MACO, and the consolidation of its financial performance has also begun in this quarter. INDONESIA – GENERATING PROFIT SINCE THE FIRST COMMERCIALISATION IN APRIL 2019

P&L SNAPSHOT CONSOLIDATED P&L SNAPSHOT * The Company restated the financial performance from 26 January 2017 after the consolidation of VGM under the common control basis. 2018 PERFORMANCE ANALYSIS

. The growth in this business unit was mainly driven by full-quarter consolidation of International Advertising operated by VGI Global Media (Malaysia) Sdn. Bhd. (“VGM”), which started in July 2019

resulted from the consolidation of Trans.Ad Solutions Company Limited and Roctec Technology Limited, collectively called “Trans.Ad Group”, which was acquired in August 2018. Cost of sales increased by 318.9

creating brand awareness to an extensive reach. Over the last few years, the outdoor media segment has witnessed the consolidation into a few well-resourced media operators in order to increase

consolidation of Rabbit Group under the common control basis. 1Adjusted for share of investment in JV and associates before tax. 2As shown in financial statement, excluding minority interest. 3Net profit excluded